CAPSTONE INVESTMENT ADVISORS, LLC

CAPSTONE INVESTMENT ADVISORS, LLC declares $5.7B in 104 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 10.6% of its $54.0B 13F portfolio. Largest positions: Microsoft (0.06% of the company) and NVIDIA (0.03% of the company). Over time: $5.7B in 104 of these companies for Q2 2026, against $268.1M in 38 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.8B and sold $1.7B of these stocks, at the quarter's prices: a net purchase of $153.2M; 29 new positions and 23 sold out.

Performance of its AI picks

The AI-stock portfolio CAPSTONE INVESTMENT ADVISORS, LLC declared for Q2 2026 (Form 13F), held unchanged, returned +16.8% in Q3 2026 (SMH -7.1%), ranked 14 of 1,785 active managers. Over the last 12 months, quarter after quarter: +33.4% (SMH +87.2%), ranked 415 of 1,360 active managers. Over three years, quarter after quarter: +171.5% (SMH +325.8%). Over five years, quarter after quarter: +181.9% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Microsoft (MSFT): $1.6B, 4.3M shares, 0.06% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
2. NVIDIA (NVDA): $1.4B, 6.9M shares, 0.03% of the company, 2.5% of its portfolio (added this quarter); held since Q2 2023
3. Amazon (AMZN): $736.3M, 3.1M shares, 0.03% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Meta Platforms (META): $335.1M, 594,871 shares, 0.02% of the company, 0.62% of its portfolio (added this quarter); held since Q2 2023
5. Apple (AAPL): $270.5M, 934,697 shares, 0.01% of the company, 0.50% of its portfolio (trimmed this quarter); held since Q3 2021
6. Micron (MU): $265.9M, 230,359 shares, 0.02% of the company, 0.49% of its portfolio (added this quarter); held since Q1 2021
7. Oracle (ORCL): $178.4M, 1.2M shares, 0.04% of the company, 0.33% of its portfolio (added this quarter); held since Q3 2025
8. Broadcom (AVGO): $169.3M, 448,295 shares, 0.01% of the company, 0.31% of its portfolio (added this quarter); held since Q3 2020
9. SpaceX (SPCX): $138.8M, 812,500 shares, 0.00% of the company, 0.26% of its portfolio
10. Palantir (PLTR): $107.9M, 925,130 shares, 0.04% of the company, 0.20% of its portfolio (added this quarter); held since Q3 2024
11. Alphabet (GOOGL): $107.6M, 304,150 shares, 0.00% of the company, 0.20% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. TSMC (TSM): $52.7M, 110,383 shares, 0.00% of the company, 0.10% of its portfolio (added this quarter); held since Q1 2021
13. Cerebras Systems (CBRS): $44.7M, 202,100 shares, 0.08% of the company, 0.08% of its portfolio
14. Sandisk (SNDK): $44.2M, 19,435 shares, 0.01% of the company, 0.08% of its portfolio (added this quarter); held since Q1 2025
15. Adobe (ADBE): $40.0M, 195,190 shares, 0.05% of the company, 0.07% of its portfolio (added this quarter); held since Q1 2021

By sector

• Cloud & AI giants: $3.2B, 56% of its AI holdings, 6 companies
• Chips & compute: $1.7B, 30% of its AI holdings, 17 companies
• AI software: $383.5M, 7% of its AI holdings, 19 companies
• Memory & storage: $311.6M, 5% of its AI holdings, 4 companies
• Power, electrical & cooling: $59.6M, 1% of its AI holdings, 22 companies
• Optics: $27.2M, 0% of its AI holdings, 7 companies
• Neoclouds & data centers: $22.3M, 0% of its AI holdings, 10 companies
• Servers & systems: $15.6M, 0% of its AI holdings, 8 companies
• Equipment & test: $8.4M, 0% of its AI holdings, 9 companies
• Interconnect: $947,195.00, 0% of its AI holdings, 2 companies

Biggest changes this quarter

• trimmed Amazon (AMZN): -$638.7M at the quarter's price
• added to NVIDIA (NVDA): +$571.1M at the quarter's price
• added to Microsoft (MSFT): +$570.5M at the quarter's price
• trimmed Alphabet (GOOGL): -$431.1M at the quarter's price
• trimmed AMD (AMD): -$380.5M at the quarter's price
• added to Micron (MU): +$204.3M at the quarter's price
• added to Meta Platforms (META): +$144.1M at the quarter's price
• added to Palantir (PLTR): +$70.5M at the quarter's price
• added to Oracle (ORCL): +$48.8M at the quarter's price
• trimmed IBM (IBM): -$37.0M at the quarter's price

Other holders of this size

• APPALOOSA LP: $5.7B in 15 of these companies
• ZACKS INVESTMENT MANAGEMENT: $5.7B in 104 of these companies
• Fuller & Thaler Asset Management, Inc.: $5.7B in 54 of these companies
• Clark Capital Management Group, Inc.: $5.8B in 75 of these companies
• Mediolanum International Funds Ltd: $5.6B in 84 of these companies
• Erste Asset Management GmbH: $5.8B in 87 of these companies
• LBP AM SA: $5.6B in 84 of these companies
• ABN AMRO INVESTMENT SOLUTIONS: $5.8B in 108 of these companies

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